Pentagon Challenges Chinese Monopoly on Rare Earths: Commodities
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The Pentagon and Toyota Motor Corp. are trying to crack China’s global monopoly on mining the most valuable rare earths used in unmanned military drones and electric-car motors.
The U.S. Department of Defense and Asia’s biggest carmaker are working with Canada’s Ucore Rare Metals Inc. and Matamec Explorations Inc., which are developing North American mines that would boost supplies of so-called heavy rare earths. Those are the less-abundant members of a group of 17 chemically similar elements critical to make a host of products from wind turbines to high-performance magnets for cars and weapons.